Highlights
-
An expected seasonal shift in the market meant 18.5% fewer homes were listed in August as we transitioned into the school year.
-
Homes closed on average under list price for the first time in 2 years as sellers are realizing they can no longer price at the top of the market.
-
Average days on the market jumped from 13 to 19 days as buyers continue to show more patience with interest rates higher than earlier this year.
Inside the Numbers
-
4,221 HOMES CLOSED
Sales Price Breakdown
The average close price dropped 4.5% ($31k) as homes closed under list price on average for the first time since July 2020.
- 5,170 NEW LISTINGS
New Listings V. Closed Sales
The gap between new listings & closed sales was half what we saw in July as a seasonal inventory decrease meant fewer homes to market.
-
4,836 HOMES UNDER CONTRACT
Days on Market by Segment
Buyers were more selective & patient as inventory stayed low & interest rates high, pushing days on the market from 13 to 19 days on average overall.
-
12,531 TOTAL HOMES AVAILABLE
Inventory Movement
While new listings were down 18.5% from last month, overall available homes (new listings + active listings at month start) were up slightly.
Data source: DMAR Real Estate Market Trends Report
The Denver Metro Area encompasses 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.